Current Park City Market Overview
Second Quarter stats are out. As ever, Park City's multi-faceted resort market remains complex. After carefully reviewing the numbers and interpreting them, here are our thoughts.
-Our market is stable. While we are seeing gradually increasing prices and growth, it is measured and steady. There are no alarming trends with regards to sales price or inventory.
-Buyers have options. While listing inventory feels constrained in the under $1 million market, new builds and good turnover in several of our neighborhoods mean that buyers still have a lot of options. In fact, taken as a whole our inventory is the highest it's been since 2007.
-Two trends, one market. Homes valued under $1 million seem to be experiencing price increase; whereas, homes valued above $1 million seem to be readjusting. For example, the average sales price of single family homes in Park Meadows actually decreased this quarter and has been trending down this year.
Current Pricing
IN TOWN (YTD)
Old Town Single Family Homes
Average Sale Price: $1.5 million
Median Sale Price: $1.2 million
Sales (Year to Date): 26
Upper Deer Valley Single Family Homes
Average Sales Price: $3.4 million
Median Sales Price: $2.8 million
Sales (Year to Date): 7
Prospector
Average Sales Price: $885,000
Median Sales Price: $835,000
Sales (Year to Date): 3
Park Meadows Single Family Homes
Average Sales Price: $1.6 million
Median Sales Price: $1.4 million
Sales (Year to Date): 31 (up from 24 when compared to same time last year)
Total Park City Limits Single Family Homes
Average Sales Price: $1.9 million
Median Sales Price: $1.5 million
Total Sales (Year to Date): 82 (up from 75 in 2014)
Notes on in town pricing: When compared to last year, the average price of a Park Meadows Single Family Home DECREASED by 9% when compared to last year. In Thaynes Canyon, the average sales price similarly decreased by 15% when compared to last year. Contrarily, the average sales price of single family home in Prospector increased by 9%. Again, we seem to be seeing a readjustment of pricing above $1 million in traditionally local residential areas.
BASIN
Sun Peak/Bear Hollow Single Family Homes
Average Sales Price: $1.3 million
Median Sales Price: $852,000
Total Sales (Year to Date): 30 (up from 25 at the same time last year)
Silver Springs Area
Average Sales Price: $988,000
Median Sales Price: $978,000
Total Sales (Year to Date): 16 (down from 19 last year)
Pinebrook
Average Sales Price: $833,000
Median Sales Price: $797,000
Total Sales (Year to Date): 22
Jeremy Ranch
Average Sales Price: $956,000
Median Sales Price: $881,750
Total Sales (Year to Date): 20 (0% change from last year)
GOLF COMMUNITIES
Glenwild/Silver Creek
Average Sales Price: $1.4 million
Median Sales Price: $1.2 million
Total Sales (Year to Date): 21
Promontory
Average Sales Price: $1.7 million
Median Sales Price: $1.6 million
Total Sales (Year to Date): 27 (up from 15 last year)
